Paragon Diamonds (LON:PRG) said its shares will be delisted from AIM on December 29 after conceding its funding discussions are unlikely to yield a satisfactory conclusion by the year-end.
It said it will work towards a re-listing either on the junior bourse or main market as soon as is practicable after a cash injection is secured.
The investment will allow Paragon to develop the Lemphane project and acquire the Mothae property. Both assets are in Lesotho.
The company’s shares were initially suspended on November 16, while a week later its nominated advisor resigned.
Paragon told investors this morning: “The directors are of the opinion that the value of investors’ share holdings will not be materially affected by the event of a delisting.
“The company retains the same prospects and remain highly confident that the funding discussion will be concluded successfully in the near future and will enhance the existing value of the company when finalised.
“The board continue to seek completion of the required funding as a matter of urgency and will update shareholders regularly via the company’s website, which we encourage shareholders to monitor closely.”